Norway wealth fund chief cleared of ethics breach

The chief executive of Norway’s EUR 2.75 trillion sovereign wealth fund has been absolved of wrongdoing following a probe into his decision to accept a lavish trip from the man who would ultimately succeed him.

Yngve Slyngstad, outgoing CEO of the Norwegian oil fund. | Photo: Heiko Junge / NTB scanpix

Yngve Slyngstad didn’t breach ethical guidelines when he stepped on a luxury flight from Philadelphia to Oslo that was paid for by hedge fund manager Nicolai Tangen, according to Norges Bank, which manages the fund.

But Norges Bank also said Slyngstad probably should have avoided the trip, and said the controversy surrounding the matter means it may need to clarify its ethical guidelines.

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